LD 1655
pg. 1
LD 1655 Title Page An Act To Establish the Maine Graduate Retention Loan Program Page 2 of 3
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LR 2321
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 20-A MRSA c. 428-B is enacted to read:

 
CHAPTER 428-B

 
MAINE GRADUATE RETENTION LOAN PROGRAM

 
§12541.__Definitions

 
As used in this chapter, unless the context otherwise
indicates, the following terms have the following meanings.

 
1.__Authority.__"Authority" means the Finance Authority of
Maine.

 
2.__Eligible employment position.__"Eligible employment
position" means a full-time position within the State as an
employee of a qualified business.

 
3.__Eligible student.__"Eligible student" means a resident of
the State enrolled in or accepted for enrollment in a
postsecondary educational institution.

 
4.__Participant.__"Participant" means an eligible student who
has applied to and been accepted by the program.

 
5.__Postsecondary educational institution.__"Postsecondary
educational institution" includes public and private
postsecondary educational institutions and postgraduate
institutions.

 
6.__Program.__"Program" means the Maine Graduate Retention
Loan Program established pursuant to section 12542.

 
7.__Qualified business.__"Qualified business" means a business
that is located in the State.

 
§12542.__Maine Graduate Retention Loan Program

 
1.__Establishment; administration.__The Maine Graduate
Retention Loan Program is established to provide loans of 75% of
tuition and board to certain eligible students enrolled in
postsecondary educational institutions who agree to accept and
maintain full-time employment in the State after graduation. The
authority shall administer the program.

 
2.__Eligibility requirements.__The authority shall establish
eligibility requirements for participation in the program by
rule.


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